WTI drops below $74.00 as OPEC+ plans to ease Oil production cuts

WTI price lost ground as

intends to phase out production cuts of 2.2 million barrels per day over 2025. The US is purchasing an additional 3 million barrels of Oil for the country's Strategic Petroleum Reserve. Oil prices may struggle further due to the expectations of the Fedmaintaining higher rates for longer. West Texas Intermediate Oil price continues to decline for the fifth consecutive day, trading around $73.90 per barrel during the Asian session on Tuesday.

, announcing a gradual plan to ease some of their Oil production cuts. plans to phase out voluntary production cuts of 2.2 million barrels per day over the next year, starting in October. By December, over 500,000 bpd are expected to re-enter the market, with a total of 1.8 million bpd returning by June 2025. According to a Reuters report, the United States is purchasing an additional 3 million barrels of Oil for the country's Strategic Petroleum Reserve , as announced by the Department of Energy on Monday.

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Oil prices and news: Oil sinks despite rumours of OPEC cut into 2025Oil prices are hovering below $78 on Friday, failing to recover from the near 3% decline in just two trading days. For the week, Crude’s performance is broadly flat and could still eke out a gain ahead of the OPEC+ meeting, which will take place on
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